FRIDAY USDINR & GLOBAL OUTLOOKS:- RUPEE FIRM 😁, DOLLAR FALL😌, GOLD JUMP🤑, ROUBLE TUMBLE 😵!!

USDINR

Oh Its Friday, The Indian Rupee is getting some strength after Domestic Indices rally (Nifty) rally up to 17000 mark after Fed less hawkish for future guidance. We are expecting USDINR commence Friday session between 79.50 – 79.60 levels as dollar shakes off its post-Federal Reserve slumber as calls on a dovish Fed pivot are too early and weakening in the global economy will continue to sour sentiment on risk assets.

THE DOLLAR

The dollar dropped to a six-week low against the yen, tracking the decline in Treasury yields, after data showed the U.S. economy contracted again in the second quarter, fueling speculation that the Federal Reserve will not raise rates as aggressively as previously expected.

• U.S. Treasury Secretary Janet Yellen on Thursday did not rule out a possible recession, but refused to concede that one was under way after two quarters of GDP contraction - a shorthand definition often used by economists, journalists and market analysts.

THE GOLD

The gold had its biggest one-day rally since March after the Commerce Department said in the first of three estimates that U.S. gross domestic product probably declined 0.9% in the second quarter, after an established drop of 1.6% in the first quarter.

THE ROUBLE

The Russian rouble gave up early gains to plunge to over two-week lows in volatile trade, pressured by the end of a favourable tax period and by expectations the government may try to curb the currency's recent strengthening.

USDINR TECHNICAL

Day Trend: - BUY ON DIP (Short Term)

Weekly Trend: - UPSIDE SELL

INTRADAY RANGE – 79.88 (79.73 – 79.52) 79.39